A new joint venture is set to provide Hammersmith and Fulham LBC access to alternative finance to deliver affordable housing in the borough.
The 15-year joint venture between the council and Stanhope Plc will redevelop two sites in Fulham, creating more than 300 new homes over the next three years.
Eversheds, who advised the council on the venture, said it should help reduce the council’s housing debt while providing affordable housing for local people.
Kuljeet Gill, a partner at Eversheds, said: ‘This is a significant project for the council which will create housing opportunities in one of the most oversubscribed boroughs in London.
‘By working in partnership with Stanhope, Hammersmith & Fulham Council will be able to access financing to deliver new housing at affordable prices for local people which is a key strand of the council’s housing pledge to redress the balance in the borough.’
The borough's cabinet member for housing, Cllr Andrew Johnson, said: 'We've carefully considered how best to use our land assets more proactively - and firmly believe that joint ventures such as this can accelerate release of public land to help drive forward development, housing supply and economic growth.
'As well as delivering more than 100 low-cost-homes to buy, this partnership will also enable the council to ensure that the proceeds are ploughed back into similar schemes, estate improvements and reducing our £200m of housing debt."
